INCOTERMS MEANING

Jun 22nd, 2015
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The most complex & important tool of International Trade is Language. Small changes in wording can have a major impact on all the aspects of Business agreement, esp. in International Trade. For Business terminology to be effective, phrases must mean the same thing throughout the industry. This is where “Incoterms” comes into existence.

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INCOTERMSIntroduction:The most complex & important tool of International Trade is Language. Small changes in wording can have a major impact on all the aspects of Business agreement, esp. in International Trade. For Business terminology to be effective, phrases must mean the same thing throughout the industry. This is where Incoterms comes into existence.The International Chamber of Commerce (ICC) in 1936 devised & published INCO Terms. IncotermsorInternational commercial termsINCOTERMSare designed to create a bridge between different members of the industry by acting as a uniform language they can use.Meaning:Incotermsare internationally accepted commercial terms widely used throughout the world. It is a set of three-letter standard trade terms most commonly used in international contracts for the sale of goods. It defines the respective roles of the buyer (Importer) and seller (Exporter) in the arrangement of transportation and other responsibilities and clarifies when the ownership of the merchandise takes place.These terms are incorporated into export-import sales agreements and contracts worldwide and are a necessary part of foreign trade.The main objective of Incoterms defines the responsibilities and the obligations of a seller (Exporter) and a buyer (Importer) within the framework of international contracts of trade concerning loading, transport, type of transport, insurances and delivery. Its first function is about a distribut

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